Binance has released guidelines for the use of AI agents in the virtual asset market, emphasizing the need for human oversight due to AI's limitations like hallucinations and potential security risks such as prompt injection and phishing.
South Korea's financial authorities will allow virtual asset service providers (VASPs) to manage their own anti-money laundering (AML) risk for overseas transactions exceeding 10 million won, instead of mandatory reporting to the Financial Intelligence Unit (FIU). The revised rules, effective August 20, also ease customer verification and overseas cloud usage for VASPs.
The Financial Services Commission's Financial Intelligence Unit (FIU) met with virtual asset exchange representatives to gather feedback on proposed amendments to the Special Financial Information Act (SFIA) enforcement decree. The industry expressed concerns about mandatory suspicious transaction reporting for all transactions over 10 million won, and the FIU is considering alternative solutions.
The National Election Commission has revised the declared assets of Incheon mayoral candidate Yoo Jeong-bok after allegations of omitting virtual assets. The total assets increased by approximately 78 million won.
Aave Labs' UK subsidiaries received FCA cryptoasset registration, complementing its Irish license. This enables zero-fee fiat-to-stablecoin services via the Push protocol, designed as a regulated gateway to Aave's lending market.
Vietnam's Ministry of Finance proposed allowing SMEs to use digital assets, virtual assets, and intellectual property as collateral for bank loans, aiming to boost credit access for startups and tech companies.
Ahead of the June 3 local elections, a political dispute has intensified over allegations that the spouse of People Power Party's Incheon mayoral candidate Yoo Jeong-bok failed to report virtual assets. The opposition Democratic Party has filed a police complaint, calling it "intelligent asset concealment."
Kraken's parent company, Payward, received preliminary authorization from Dubai's Virtual Asset Regulatory Authority (VARA) to offer virtual asset services to retail and professional investors in the emirate.
The Democratic Party is intensifying its attack on Yoo Jeong-bok, the People Power Party's candidate for Incheon Mayor, over alleged omission of virtual assets in his property declaration. They released a voice recording of Yoo's spouse, urging an immediate investigation and resignation.
Crypto.com secures a Stored Value Facilities (SVF) license from the UAE Central Bank, becoming the first crypto platform to offer regulated digital asset payment services, including for government fees, bolstering Dubai's cashless economy goals.
Brazil's central bank has published Resolution BCB No. 561, prohibiting virtual assets in cross-border eFX payments. The rule requires payments between eFX providers and foreign counterparties to use only foreign exchange transactions or non-resident Brazilian real accounts. The restriction applies to eFX providers not yet approved, who must apply for authorization by May 31, 2027. The resolution does not ban crypto transfers outright but closes the regulated eFX channel to crypto and stablecoins, addressing concerns that 90% of crypto flows are linked to stablecoins.
